Govt rolls out 4-year plan to clear ¢67bn contractor debt
By: Ernest Afram
Government has reaffirmed its commitment to clearing outstanding arrears owed to contractors and preventing the buildup of new debts, as part of efforts to restore fiscal stability.
Finance Minister Dr. Cassiel Ato Forson made the announcement during a meeting with Ecobank Group CEO Jeremy Awori in Accra. He revealed that the government inherited GH¢67 billion in unpaid contractor claims from the previous administration.
To address the issue, a four-year debt settlement plan has been developed, starting with an initial GH¢13 billion allocation in the 2025 Budget to clear verified arrears. An interim audit report by the Auditor-General is expected soon to validate claims before disbursements begin.
“We’ve learned from past mistakes and amended the Public Financial Management Act to enhance transparency and discipline in managing public contracts,” Dr. Forson said.
He urged Ecobank and other financial institutions to actively support Ghana’s economic recovery, particularly by investing in private sector development and agriculture.
Mr. Awori commended the government’s economic strategy and expressed Ecobank’s readiness to scale up its support. “Ghana’s resilience is commendable. We’re committed to unlocking investments that will boost businesses and strengthen the economy,” he said. Also present was Energy and Green Transition Minister John Abdulai Jinapor, who emphasized the importance of strong public-private collaboration and consistent policy reforms in achieving sustainable development.
